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Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
How To Manage Your Growing Business
No two small businesses are the same. Once you’ve started selling products and got comfortable with the number of orders you’re processing each day, it’s time to plan for the future. How will you cope if your business continues to grow in popularity and the number of orders you receive double or even triple over a short amount of time? Here are a few ways to futureproof your business for any success.
Make sure you’re organized
If you’re only processing a few orders a day, you might be able to practically remember each order off the top of your head. If those orders continue to come in thick and fast, it might begin to show flaws in your organizational system at the worst possible time. If you miss an order or dispatch an order incorrectly, then it could cost you money.
Create a digital system where you can clearly see what has been ordered, when it has been ordered, and the customer’s details for that order. Make sure there is a method of marking when that order has been acknowledged, when it’s been packed and when it’s been dispatched. Then, back up this system constantly, updating it in case a customer wants to inquire about their order during any part of the process.
Order more stock
If your business relies on selling physical products, no matter how hard you work, there is no way of making money if you don’t have enough stock to sell. There’s very little loyalty if you’re selling in the digital market. If a product isn’t available on one website, it could take less than a minute or two for a customer to have found it on another.
As your business grows, the amount of stock you’ll need will grow at the same rate. You might also be at the point that you’re confident enough to bulk buy a lot of these products or raw materials to save even more money on costs. What do you do if your premises doesn’t have enough room to store all of that stock? There are public storage rentals available across the country that you can hire at extremely affordable rates. For example, The Lock Up has facilities in 8 different states and offer closets as small as 5 foot by 5 foot. You could even hire a climate-controlled unit if you’re products are perishable or easily damaged.
Keep track of your finances
Now that more money is coming in, it’s important to keep track of exactly how much money you have in the business. This will be important when it comes to calculating taxes at the end of the year. It could also help you make important decisions, like whether to take on a new employee or buy more stock. There are many different accounting systems available online to keep track of your finances digitally. You could even start off with a basic Microsoft Excel spreadsheet. Whatever you choose, make sure it has the ability to make calculations automatically so you can be sure you have accurate figures.
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